The collaboration arrives as Saudi Arabia cements its status as a digital finance hub under the Vision 2030 initiative. Research from Thunes and Juniper Research indicates that 56% of the Kingdom's residents sent money internationally over the past year, underscoring the urgency for faster, more transparent payment rails. Aljazira Bank expects this shift to significantly enhance its service speed and broaden its reach into markets throughout the Asia Pacific, Europe, and the Gulf Cooperation Council.
Aljazira Bank Partners with Thunes to Accelerate Global Remittances
Saudi Arabia’s Aljazira Bank has signed a strategic agreement with cross-border payment firm Thunes to overhaul its international remittance infrastructure. By integrating Thunes’ Direct Global Network, the bank aims to provide retail customers with real-time transfers to billions of bank accounts and mobile wallets across key global corridors.
Fahad Almutairi, Head of Retail Digital Banking and Payments at Aljazira Bank, noted that the move prioritizes customer access to mobile wallets and account transfers. Ahmad Yaacoub, Thunes’ VP for the MENA region, described the partnership as a critical step in connecting the Kingdom’s migrant workforce to the global economy through a more seamless, scalable financial experience.
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